A. Matching: match each word with the example that illustrates it. A. supply and demand B. competition C. consumer D. scarcity E. opportunity cost F. profit G. producer 1. Maria goes to the store and buys a new backpack. 2. Tyler mows lawns and does yard work for $10 per hour. 3. Gas Station A sells gas for $3.75/gallon. Across the street, Gas Station B sells it for $3.74/gallon. Gas Station A lowers its price to $3.74 -4. Liam spends $10 on lemonade mix and ice. On a hot day, he sets up a lemonade stand in his . yard. At the end of the day he has sold $20 worth of lemonade. 5. A car company made thousands and thousands of cars this year, but people haven't been buying as many cars. The car dealer lots are full. 6. Erin could make $24 this afternoon babysitting, or she could attend her grandma's birthday party. She decides to attend the party. She doesn't get the money, but her grandma is thrilled. 7. It's holiday time, and the hottest toy of the year sells out. People are paying ten times what it's worth online.

to plan an idea out before

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.